Concept Introduction:
Income statement as per IFRS: The income statement shows details of net revenue, expenses and profit for the period. As per IFRS the expenses have to disclosed separately for income tax, finance costs and other costs
Multiple-step income statement: The Income statement where the details computations of net sales, expenses and costs, the sub totals of each class of items is shown separately
Single − step income statements: The income statement where totals of net sales, expenses and costs, net sales, expenses and costs, are shown. The expenses can be shown by their nature and function
Requirement I :
To Compute :
The Valleys Company net sales for the year ended August 31,2015
Requirement II :
To Compute :
The Valleys Company total cost of merchandise purchased for the year
Requirement III :
To Prepare : a multiple-step income statements for the year ended August 31,2015
Requirement IV:
To Prepare: A single-step income statement for the year ended August 31, 2015

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Chapter 5 Solutions
WORKING PAPERS F/ FUND ACCOUNTING
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